Bangladesh, Sept. 30 -- The Asian Development Bank (ADB) would provide a $50 million loan to Bangladeshi private sector company Modern Syntex Limited (MSL) to manufacture modern, energy-efficient polyester chips.

The ADB and MSL signed a loan deal on Tuesday in Dhaka.

The ADB's assistance will support MSL's expansion of polyester chip production capacity from 107 tonnes to 407 tonnes a day and refinance short-term local working capital loans.

The expanded facility will produce high intrinsic viscosity polyester chips used in higher-value textile and apparel products, the ADB said in a press release on Tuesday.

"Bangladesh's textile and ready-made garment industry is a key driver of the economy, but it continues to rely heavily on imp...